Essential Domestic Homeowner's Insurance Policies in Review
In the joyous journey of buying a house, the challenges of securing life, ability to work, and assets can sometimes seem overwhelming. This article focuses on the most important types of insurance for property owners, as discussed by Franziska Hasselbach.
Firstly, a risk life insurance policy is essential to avoid leaving dependents with significant debts, especially if there's a large portion of a mortgage to pay off. Couples in a relationship have the choice between combined or separate risk life insurance coverage. Each partner can take out a separate policy, which does not automatically end with the death of one insured person.
An occupational disability insurance policy is important to protect against financial gaps if income is lost due to illness or accident. For unmarried couples, a cross-life insurance policy is recommended to avoid inheritance tax.
When it comes to long-term care, Private long-term care supplement insurance can bridge the financial gap resulting from underinsurance by statutory health insurance. It protects private assets and accumulated property.
The state's disability pension is often very little, averaging 716 euros per month. If a main breadwinner dies, this can leave dependents struggling. However, the social welfare office only covers the required nursing care contribution when one's own assets have been exhausted.
There are supplements to the statutory (partial) nursing care insurance, such as nursing care daily allowance insurance, nursing care cost insurance, and nursing care annuity insurance. These can provide additional support during difficult times.
Stefan Ganslmaier, a product manager for property insurance at the Bavarian Group, emphasises the importance of proper insurance coverage. The Bavarian Group consists of the Bavarian Civil Servants Life Insurance, the New Bavarian Civil Servants Life Insurance, and the Bavarian Civil Servants Insurance for property business. Customers of the Munich-based insurers have access to more than 6,000 personal advisors nationwide.
Beneficiaries of state disability pension only have a claim if they cannot work for more than three hours a day. The general rule of thumb for the amount of insurance coverage is three to five times annual gross income, plus any loans and the number and age of children.
In conclusion, securing the right insurance coverage is crucial for property owners. It provides peace of mind, knowing that you and your family are protected in case of unforeseen circumstances. Always consult with a professional to ensure you have the right coverage for your specific needs.
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